[February
11, 2013]SPRINGFIELD -- The U.S.
Department of Agriculture's Farm Service Agency state executive
director, Scherrie Giamanco, reminds foreign individuals with an
interest in agricultural lands in the United States that they are
required to report their holdings and any transactions to the U.S.
secretary of agriculture.

"Any foreign person who acquires, transfers or holds any
interest, other than a security interest, including leaseholds
of 10 years or more, in agricultural land in the United States
is required by law to report the transaction no later than 90
days after the date of the transaction," said Giamanco.

Foreign investors must file Agricultural Foreign Investment
Disclosure Act, or AFIDA, reports with the FSA county office
that maintains reports for the county where the land is located.

"Failure to file a report, filing a late report or filing an
inaccurate report can result in a penalty with fines up to 25
percent of the fair market value of the agricultural land,"
Giamanco said.

For the purposes of the report, agricultural land is defined as any
land used for farming, ranching or timber production, if the
tracts total 10 acres or more.

Disclosure reports are also required when there are changes
in land use. For example, reports are required when land use
changes from nonagricultural to agricultural or from
agricultural to nonagricultural. Foreign investors must also
file a report when there is a change in the status of ownership,
such as if the owner changes from foreign to non-foreign, from
non-foreign to foreign or from foreign to foreign.

Data gained from these disclosures is used to prepare an annual
report to the president and Congress concerning the effect of such
holdings upon family farms and rural communities in the United
States.

For more information regarding AFIDA and FSA programs, contact
your local county FSA office or visit
http://www.usda.gov/.